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Need to save money in your business? Five simple ideas

The economic downturn has brought with it a new focus on cost saving. Here are a five simple ideas that you can implement to save money in your business.

The first and simplest of ideas is to save paper! Your business can save paper by printing out only those documents that are necessary; using a smaller font size helps to use less paper. Printing on both sides, and sending the paper out to be recycled helps both the environment and the company’s finances. Have you thought about sending quotations and invoices by a PDF attachment?

All electronic and electrical items can be switched off when not in use to save electricity and money. Encourage your staff to turn off their computer before leaving the office each day and switch monitors off during lunchtimes in order to reduce power consumption.

Other initiatives to consider include introducing a policy of turning off the lights when leaving a meeting room – the next person to use the meeting room can always turn them back on when they need them.

With the huge increase in fuel prices, travel has become extremely expensive. Mileage expenses can also be a huge outlay for businesses. You can cut down on the level of staff travel required by your firm by hosting meetings over video conferencing, on teleconference or by using Skype. If travel is truly necessary, employees can be encourage to car-pool instead of taking two or more separate cars to the same meeting.

Many offices spend huge amount of money on lighting and air-conditioning. The air-conditioning does not always have to be kept at 18 degrees. Consider adjusting the temperature by a couple of degrees (while still keeping it comfortable) and the difference it makes to your electricity consumption can be substantial.

Businesses are now installing solar panels on the roof of their office building to generate their own power. Solar panels are expensive to install but pay great dividends in the long run. However with our climate they may not necessarily be suitable; consider this before installing such a system.

And if you’re able to, change all of your light-bulbs to energy-saving ones. They really do make a difference to the amount of power consumed for each light fitting so scale that up to an entire office and you could make considerable savings.

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Posted in: Blog, Business Planning, SME Business